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A class action was commenced by Siskinds LLP in October 2011 against CIBC Mortgages Inc. regarding its practices for calculating prepayment penalties on mortgages entered into across Canada since 2005.

The Statement of Claim alleges that CIBC applied terms and conditions to certain mortgage contracts to allow it unfettered discretion for calculation of mortgage prepayment penalties. It is further alleged that the quantification of prepayment penalties applied by CIBC are in breach of the mortgage contracts.

The action applies to CIBC mortgages as well mortgages through related entities such as Firstline Mortgages and President’s Choice Financial.

Developments

Siskinds is involved in a related class action in British Columbia, titled Sherry v CIBC Mortgage Inc. A hearing into whether the British Columbia action should be certified was heard in August 19-22, 2013. On June 30, 2014, the British Columbia Supreme Court released a decision conditionally certifying the case, pending further submissions on certain issues.

A hearing into these additional issues occurred on January 5, 2015. On March 31, 2015, the British Columbia Supreme Court released a decision fully certifying the case. The defendant appealed this decision and on June 7, 2016 the British Columbia Court of Appeal released their appeal decision. The Court overturned part of the lower court’s decision and refused to certify certain portions of the Plaintiff’s claim.

FAQs

Can I join the class action?

Under the class proceeding legislation, you are automatically included in the class action, if you meet the class definition, unless you request to opt-out. A future notice will be published regarding the process to and consequences of opting-out.

What should I be doing to protect my rights?

You should retain all related purchase records. This information might be necessary in order to participate in the distribution of any settlement or court award.

Do I have to pay anything to participate in the class action?

No, class counsel are paid on a contingency fee basis. This means that class counsel are only paid if successful in the litigation. Class counsel fees are payable out of any recovery achieved in the litigation. Class counsel fees are subject to court approval.

I still have a question. Who should I contact?

If you have any other questions, please complete the contact form below.

Siskinds is involved in a related class action in British Columbia, titled Sherry v CIBC Mortgage Inc. A hearing into whether the British Columbia action should be certified was heard in August 19-22, 2013. On June 30, 2014, the British Columbia Supreme Court released a decision conditionally certifying the case, pending further submissions on certain issues.

A hearing into these additional issues occurred on January 5, 2015. On March 31, 2015, the British Columbia Supreme Court released a decision fully certifying the case. The defendant appealed this decision and on June 7, 2016 the British Columbia Court of Appeal released their appeal decision. The Court overturned part of the lower court’s decision and refused to certify certain portions of the Plaintiff’s claim.

Can I join the class action?

Under the class proceeding legislation, you are automatically included in the class action, if you meet the class definition, unless you request to opt-out. A future notice will be published regarding the process to and consequences of opting-out.

What should I be doing to protect my rights?

You should retain all related purchase records. This information might be necessary in order to participate in the distribution of any settlement or court award.

Do I have to pay anything to participate in the class action?

No, class counsel are paid on a contingency fee basis. This means that class counsel are only paid if successful in the litigation. Class counsel fees are payable out of any recovery achieved in the litigation. Class counsel fees are subject to court approval.

I still have a question. Who should I contact?

If you have any other questions, please complete the contact form below.

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